Moroccan real estate tycoon and Alliances Group Founder Alami Lazraq has experienced a substantial surge in his stake in Alliances Developpement Immobiliere (ADI) thanks to the sustained surge in the company’s share price on the Casablanca bourse.
According to data tracked by Billionaires.Africa, Lazraq, an influential figure in the North African real estate sector, has seen the market value of his stake in ADI increase by MAD56.94 million ($5.7 million) in the past 30 days.
ADI is an active member of the Alliances Group, a Casablanca-based holding company with a diverse portfolio of African real estate assets. The leading group has grown to become a key player in the North African real estate market.
Lazraq, a Moroccan real estate mogul who founded Alliances Group in 1994, owns 51.7 percent of the group’s publicly traded subsidiary, ADI.
Since July 25, ADI shares on the Casablanca bourse have increased from MAD82 ($8.19) to MAD86.99 ($8.68) at the time of writing, amounting to a total gain of 6.09 percent for shareholders, including Lazraq.
The market value of Lazraq’s 51.7-percent stake in ADI has risen by MAD56.94 million ($5.7 million) as a result of the single-digit price gains, from MAD935.67 million ($93.4 million) on July 25 to MAD992.6 million ($99.1 million) at the time of writing this report.
The recent increase in the market value of his shareholding solidifies his position as one of the richest investors on the Casablanca bourse and one of Morocco’s wealthiest businessmen.